M-KESHO is a bank account introduced by both Equity and Safaricom where customers can earn interest from as little as Ksh1.  Customers can withdraw cash from their Equity Bank Account to their M-PESA accounts and customers can also deposit through their M-PESA accounts to their M-KESHO Bank account

Other features of M-KESHO account include Micro credit facilities (emergency credit availed through M-PESA), Micro insurance facilities as well as a personal accident cover that translates into a full cover after 1 year.  For one to open this account, the person must be an M-PESA subscriber.

Main features of the M-KESHO account include:

M-KESHO Micro-savings

Interest at the following rates paid half yearly:

  1.     0 – 2,000 – 0.5%
  2.     2,001 – 5,000 – 1%
  3.     5,001 – 10,000 – 2%
  4.     10,001 and above – 3%
  •     No minimum balance
  •     No ledger fees Neither notice nor penalties on withdrawal.
  •     Max value/trx – Ksh35,000. Currently following up with CBK on revision of maximum trx limits.
  •     Mini statement (max 5 transactions)
  •     Balance enquiry available

M-KESHO Micro-Credit

  1.     Ksh100 – Ksh 5000
  2.     Application fee (LACE) 10% but at a min charge of Ksh20.
  3.     Advance period – max 30 days
  4.     Default interest penalty 3% of value.
  5.     Recovery from next deposit
  6.     Credit transferred from M-KESHO into M-PESA e value

M-KESHO Micro-insurance Product – Personal Accident related

Annual premium:

  1.     Ksh530 if annual
  2.     Ksh830 if monthly
  3.     Ksh1030 if paid weekly
  4.     Accidental Death cover: Ksh150,000
  5.     Permanent Disability: Ksh150,000
  6.     Medical expenses: Ksh30,000
  7.     Funeral expenses: Ksh20,000
  8.     Payable only from C4 account
  9.     After 1 year it is upgradable to full life insurance